Wilbur Ross

Wilbur Ross
US Department of Commerce · Public domain · source
Name	Wilbur Ross
Caption	39th United States Secretary of Commerce
Office	United States Secretary of Commerce
President	Donald Trump
Term start	February 28, 2017
Term end	January 20, 2021
Predecessor	Penny Pritzker
Successor	Gina Raimondo
Birth date	28 November 1937
Birth place	Weehawken, New Jersey, U.S.
Party	Republican (2016–present)
Otherparty	Democratic (before 2016)
Spouse	Judith Nodine (m. 1961; div. 1995), Betsy McCaughey (m. 1995; div. 2000), Hilary Geary (m. 2004)
Education	Yale University (BA), Harvard University (MBA)

Wilbur Ross is an American financier and former government official who served as the 39th United States Secretary of Commerce under President Donald Trump. Often described as a "vulture capitalist," he built a decades-long career restructuring failing companies in industries like steel, coal, and textiles before his controversial cabinet tenure. His time in the Trump administration was marked by advocacy for protectionist trade policies and numerous ethics investigations.

Early life and education

Wilbur Louis Ross Jr. was born in 1937 in Weehawken, New Jersey, to a family of educators; his father was a lawyer and later a judge. He attended the prestigious Xavier High School in Manhattan before enrolling at Yale University, where he graduated with a Bachelor of Arts in 1959. He subsequently earned a Master of Business Administration from Harvard Business School in 1961, laying the academic foundation for his future career in investment banking and private equity.

Business career

Ross began his career at the investment bank Wood Gundy before spending 24 years at Rothschild Inc., where he headed the bankruptcy advisory practice. In 2000, he founded his own private equity firm, WL Ross & Co., which became notorious for acquiring distressed assets. His most famous deals involved consolidating bankrupt steel companies, such as Bethlehem Steel and LTV Corporation, to form the International Steel Group, which he later sold to Mittal Steel for a large profit. He executed similar strategies in the coal industry with International Coal Group and in the textile industry by combining Burlington Industries and Cone Mills to form International Textile Group.

Government service

Nominated by President Donald Trump, Ross was confirmed as United States Secretary of Commerce by the United States Senate in February 2017. During his tenure, he was a key advocate for the administration's America First trade agenda, playing a central role in renegotiating the NAFTA, which resulted in the USMCA. He oversaw the Commerce Department's inclusion of a citizenship question on the 2020 Census, a move later blocked by the Supreme Court of the United States. His tenure was plagued by multiple investigations from the Office of Government Ethics and the House Oversight Committee regarding potential conflicts of interest and inaccurate financial disclosures, leading to calls for his resignation from figures like Nancy Pelosi.

Political views and public statements

Originally a longtime Democrat and donor, Ross switched his affiliation to the Republican Party to support the presidential campaign of Donald Trump. He has been a vocal proponent of tariffs on foreign goods, particularly from China and the European Union, arguing they are necessary to protect American manufacturing. His public statements often drew scrutiny, including remarks downplaying the impact of the 2018 government shutdown on federal workers and controversial comments about trade relations with Canada and Mexico. He frequently appeared on financial news networks like Fox Business and CNBC to defend administration policies.

Personal life

Ross has been married three times; his spouses have included former Lieutenant Governor of New York Betsy McCaughey and author Hilary Geary Ross, whom he married in 2004. He has two children from his first marriage to Judith Nodine. A noted art collector, he has served on the boards of several cultural institutions, including the New York City Ballet and the New York Society for the Prevention of Cruelty to Children. He owns properties in New York City, Southampton, and Palm Beach, and is known for his extensive collection of Abstract Expressionist paintings.